Business, 13.02.2020 18:32 hannahbannana98

On January 1, 2021, Instaform, Inc., issued 10% bonds with a face amount of $50 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid semiannually.
Required:
1. Determine the price of the bonds at January 1, 2021. (Enter your answers in whole dollars.)
2. Assume the market rate was 9%. Determine the price of the bonds at January 1, 2021. (Enter your answers in whole dollars.)

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On January 1, 2021, Instaform, Inc., issued 10% bonds with a face amount of $50 million, dated Janua...

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